The Ethereum Foundation has finalized the sale of 10,000 ether to BitMine, a company led by Tom Lee, in a private over-the-counter transaction. The sale was made at an average price of $2,292.15 per token, resulting in proceeds of roughly $22.9 million. This transaction follows a previous sale in March, where the foundation sold 5,000 ETH to BitMine at approximately $2,042 per token, raising around $10.2 million. The foundation plans to use the proceeds from these sales to support its core activities, including protocol research and development, ecosystem growth, and community grants.
The sale is part of the foundation's treasury management strategy, which involves periodically converting ETH holdings into fiat currency to maintain its operating budget and minimize market impact. BitMine's participation in these transactions highlights its growing role as a major institutional holder of ETH, and its deepening relationship with the Ethereum Foundation. The transfer of the sold ether is expected to come from a multisig wallet controlled by the Ethereum Foundation, as part of its efforts to increase transparency around its treasury activities.